Code of Virginia - Title 6.1 Banking And Finance - Chapter 1.1 Wet Settlement Act
- 6.1-2.10 Definitions
The following terms as used in this chapter shall have the following meanings: "Disbursement of loan funds" means the delivery of the loan funds by ...
- 6.1-2.11 Applicability
This chapter applies only to transactions involving loans made by lenders, which loans will be secured by first deeds of trust or mortgages on real ...
- 6.1-2.12 Duty of lender
The lender shall, at or before loan closing, cause disbursement of loan funds to the settlement agent; however, in the case of a refinancing, or ...
- 6.1-2.13 Duty of settlement agent
The settlement agent shall cause recordation of the deed, the deed of trust, or mortgage, or other documents required to be recorded and shall cause ...
- 6.1-2.13:1 Prohibition against payment or receipt of settlement services kickbacks, rebates, commissions and o...
A. No person selling real property, or performing services as a real estate agent, attorney, lay settlement agent or lender incident to any real estate ...
- 6.1-2.13:2 Disclosure of affiliated business by settlement service providers
Any person making a referral to an affiliated settlement service provider shall disclose the affiliation in accordance with the federal Real Estate Settlement Procedures Act ...
- 6.1-2.13:3 Disclosure of charges for appraisal or valuation using automated or other valuation mechanis...
Any lender providing a loan secured by a first deed of trust or mortgage on real estate containing not more than four residential dwelling units ...
- 6.1-2.14 Validity of loan documents
Failure to comply with the provisions of this chapter shall not affect the validity or enforceability of any loan documents executed after July 1, 1980. ...
- 6.1-2.15 Penalty
Any persons suffering losses due to the failure of the lender or the settlement agent to cause disbursement as required by this chapter, shall be ...
Last modified: April 2, 2009